Shemen reports nearshore oil find offshore Israel
Shemen Oil and Gas Resources (SMOG:TASE) has discovered oil in the Shemen license offshore Israel.
The Yam-3 well was drilled by Caspian Drilling Co., 16 km (10 mi) from the port of Ashdod. Indications of high-quality oil were found after drilling reached the target level of around 5,700 m (18,701 ft). Logging tests suggest the net thickness of the target strata is 68 m (223 ft).
Shemen, which has a 78% interest in the concession, plans production testing of the well.